US auto sales up in July as cars see big gains

In this Thursday, Aug. 5, 2010, photo a 2011 Toyota Camry LE sits on the lot at Kendall Toyota in Miami. General Motors, Ford, Chrysler, Toyota and Nissan all reported double-digit sales gains in July 2013, clear signs that U.S. auto sales will remain strong into the second half of the year. (AP Photo/Lynne Sladky)
— AP

In this Thursday, Aug. 5, 2010, photo a 2011 Toyota Camry LE sits on the lot at Kendall Toyota in Miami. General Motors, Ford, Chrysler, Toyota and Nissan all reported double-digit sales gains in July 2013, clear signs that U.S. auto sales will remain strong into the second half of the year. (AP Photo/Lynne Sladky)
/ AP

Overall, though, the discounts haven't cut prices. The average sale price of a vehicle last month held steady at just over $31,000, Toprak said. That's because buyers are loading up on options like leather seats and navigation systems, which boosts the price. To get lower monthly payments while paying a higher price, buyers are stretching out their loans and leasing more vehicles, according to LMC.

Thirty percent of car loans now are six years or longer, up from 29 percent in the first half of last year. Leasing, which generally lowers monthly payments, accounts for 24 percent of auto sales, up from 21 percent a year ago, LMC said.